Photo: Alamy
President Donald Trump released a fiery statement against the Federal Reserve and its leadership after the central bank refused to lower interest rates on Wednesday.
Trump took to his Social Truth profile to accuse the Fed and Jay Powell of allowing inflation to run out of control.
“Because Jay Powell and the Fed failed to stop the problem they created with Inflation, I will do it by unleashing American Energy production, slashing Regulation, rebalancing International Trade, and reigniting American Manufacturing, but I will do much more than stopping Inflation, I will make our Country financially, and otherwise, powerful again!” he wrote.
“The Fed has done a terrible job on Bank Regulation. Treasury is going to lead the effort to cut unnecessary Regulation, and will unleash lending for all American people and businesses. If the Fed had spent less time on DEI, gender ideology, “green” energy, and fake climate change, Inflation would never have been a problem. Instead, we suffered from the worst Inflation in the History of our Country!” the president added.
Trump previously criticized Powell last week in comments to reporters.
“I think I know interest rates much better than they do, and I think I know it certainly much better than the one who’s primarily in charge of making that decision,” Trump said concerning the Fed leader.
Powell said on Wednesday that he has had no contact with Trump since the inauguration.
“I’m not going to have any response or comment whatsoever on what the president said. It’s not appropriate for me to do so. The public should be confident that we will continue to do our work as we always have, focusing on using our tools to achieve our goals and really keeping our heads down and doing our work,” he stated.
Powell was first appointed as Fed chair by Trump and assumed the role in 2018. He is currently serving his second term, which extends until May 15, 2026. He has stated that he would not step down if requested by Trump and believes the president does not have the legal authority to remove or demote the Fed chair.
